Archive for gold prices today

The gold spot price ended yesterday’s gold trading session as a wide spread up candle which gave us a bullish engulfing signal as we reversed Wednesday’s losses to close back above the 9 day moving average once again and ending at $1343.55. As such, yesterday’s surge higher in the gold spot price confirmed that the recent re-tracement for the precious metal has now come to an end and indeed in this morning’s gold trading session, the metal is higher once again at $1345.85 at time of writing and looking to break above the 14 day moving average which currently sits at $1348.27. In the last two weeks the 40 day moving average has remained unbroken, confirming that the sentiment for gold remains firmly bullish and in the short term we now need to see the 9 day average cross back above the 14 to complete the positive technical picture for the gold spot price. Should this occur over the next few trading sessions then expect to see the gold spot price re-test the high of mid October at $1386.82 and any break and hold here will open the way for the precious metal to move towards our medium term target of $1450 per ounce in due course. The 200 day average continues to incline upwards confirming this longer term bullish picture.

The gold price on Wednesday, continued to push towards the all time high for the gold, briefly touching the $1022 per ounce level before ending the gold trading session marginally lower, but with a wide spread up bar which reinforced Tuesday’s bullish sentiment in the gold market. With all three moving averages pointing firmly higher, we could see a new high for the price of gold in the next few days, should this bullish sentiment remain firm, which seems to be the case at present following the dramatic breakout of two weeks ago. However, today’s trading has seen a minor pullback, with the the gold price ending lower, but with a weak candle on the daily gold chart, particularly given the deep upper wick. Although this candle is bearish, the spread is relatively limited, and therefore the reversal lower may only be a temporary pullback before we see the price of gold surge higher once again. With the weekend ahead, gold traders will be squaring their positions, and therefore Friday may see a fall in the gold price as a result, before we see a return to the bullish momentum once again of the last few days.

A strong week for spot gold prices, with the gold market flirting at the $1000 per ounce level once again, and of course all gold traders and market analysts are now asking themselves whether we are likely to see a failure at this price level once again. Thursday’s candle on the daily gold chart certainly hinted at some weakness, ending the gold trading session with a bearish shooting star, which was confirmed on Friday, with the spot gold market closing lower and marginally below the $1000 per ounce price once again, but with a deep lower wick to the body of the candle, suggesting that the gold bulls stepped in to buy late in the trading session. Technically gold prices still look strong, with all three moving averages pointing sharply higher, but the previous failed attempts at this level may prove critical should we fail to see any break and hold above this psychological level. Next week may well prove to be a defining one for the gold market, which may react to any change in investor sentiment towards the US dollar, with many market analysts and forex market commentators suggesting that the US dollar is currently oversold and therefore due for a market correction and sharp reversal higher. Should this occur in the short term then this may well trigger a sell off in the commodity markets which could in turn result in a fall in spot gold prices as a result. However, as always, gold may well benefit from it’s status as a precious metal, and therefore any correlation with the broader commodity markets is not a given, should the US dollar rally as expected in the short term.

Following the dramatic breakout from the pennant pattern for spot gold prices last week, there is only one item of interest for gold trading this week, and that is simply which day will see the $1000 per ounce price level broken once again. Sadly Friday failed to deliver the four figure handle on Friday, ending the gold trading session marginally higher and with a deep lower wick to the narrow body, suggesting that the bullish sentiment of earlier in the week remains firmly in place on the gold chart. With all three moving averages pointing firmly higher, and with a strong level of support providing a good platform below, gold bulls will be waiting expectantly for the gold markets to return to normal trading volumes after the Labor day celebrations in the US and Canada today. Following the sharp rise in the price of gold last week, it will no surprise to see some gold traders banking profits, before entering the market once again, so we may see a small pullback early in the week, before the upwards trend is re-established once again for trading in gold.

Trading in gold yesterday was characterized by a total lack of participation as the markets wait on the FOMC rate decision, subsequent statement and their affect on the US Dollar. From a technical perspective this lack of involvement was reflected on the gold chart by a small doji candle which oscillated between the 14 day and 40 day moving average. Indeed the high of the day found some resistance from the 14 day moving average suggesting that the bearish sentiment remains firmly in place ahead of this evening’s announcement. Indeed this price action has been replicated once again in early trading and until the FED decision we can expect more of the same today. Once the news has been released and markets have had an opportunity to absorb the content, any breach of the 40 day moving average coupled with a break below the $935 per ounce price level will flag a deeper for gold prices in the short to medium term, and should this occur then the next interim support level awaits at $925. Only a break and hold above the $965 price level would indicate a resurgence and move higher in spot gold prices.

With the recent price volatility in the gold market, this has presented many trading opportunities on both sides of the market, but to be successful you need a specialist gold broker who not only understands the market, but also offers tight spreads, along with the latest news from around the world affecting the commodities sector. One of the keys to success is to practise first, so if you would like a free trial of one of the best gold trading platforms around, then please just follow the link here, and get started trading in gold.

The short term is bearish, medium is sideways & the long term is bullish.